{"id":14428,"date":"2021-02-23T07:41:34","date_gmt":"2021-02-23T07:41:34","guid":{"rendered":"https:\/\/emilynews.com\/blog\/?p=14428"},"modified":"2021-02-23T07:41:35","modified_gmt":"2021-02-23T07:41:35","slug":"news-commentary-1295-bitcoin-still-highly-speculative","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=14428","title":{"rendered":"News Commentary #1,295 | Bitcoin – Still Highly Speculative..?!"},"content":{"rendered":"

As it often happens, at the moment of panic and the fall in the price of bitcoin, there is even more criticism and negative opinions. The current recession is not an exception.<\/p>\n

According to Tradingview citing Coinbase prices, BTC crashed to around $46,800<\/strong> before bouncing back over $50k again during Tuesday morning\u2019s Asian trading session.<\/p>\n

However, as one of the analists said: \u201cRemember who\u2019s driving the market. Coinbase whales have been accumulating $BTC in 44-48k range. Even if there are more corrections, it\u2019s unlikely to go down below 44k.<\/em>\u201d – and hopefully he was right.. We will see it soon..<\/p>\n

Below is one of recent negative views on Bitcoin from U.S. Treasury Secretary Janet Yellen…<\/p>\n

\n

<\/p>\n

WASHINGTON, Feb. 22 (Xinhua) — U.S. Treasury Secretary Janet Yellen warned on Monday that Bitcoin is a highly speculative asset and extremely inefficient for conducting transactions.<\/p>\n

“It is a highly speculative asset and you know I think people should be aware it can be extremely volatile and I do worry about potential losses that investors can suffer,” Yellen, a former chair of the Federal Reserve, said at a New York Times DealBook conference.<\/p>\n

“To the extent it is used, I fear it’s often for illicit finance. It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering,” Yellen said.<\/p>\n

Yellen’s warning came as Bitcoin tumbled as much as 17 percent to below 48,000 U.S. dollars on Monday after hitting a record above 58,000 dollars over the weekend.<\/p>\n

While market capitalization of Bitcoin topped 1 trillion dollars on Friday, the leading cryptocurrency is still far from becoming a mainstream investment asset, bringing risks of overvaluation and price volatility, according to multiple investment advisory firms.<\/p>\n

“The reality is nobody knows what the value of this pseudo-asset is. It doesn’t have any value cause it doesn’t have any income, doesn’t have any use, doesn’t have any utility. So it’s a speculative play on a bubble that is self-fulfilling,” renowned economist Nouriel Roubini told Yahoo Finance Live on Monday.<\/p>\n<\/blockquote>\n

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As it often happens, at the moment of panic and the fall in the price of bitcoin, there is even more criticism and negative opinions. The current recession is not an exception. 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